Living an active post-retirement life is a dream many people do not realise. The trend has spread from the western world to India; especially, the United States, Canada and Australia. The decline of joint family systems in India is also a major reason for the increased popularity of retirement homes. So, what makes retirement homes different from any other real estate property? Retirement communities are housing properties designed for senior citizens and maintained with care and comfort. It has several senior-friendly amenities including anti-skid tiles, grab-railing, wheelchair passageways, etc. Here, residents can participate in various activities such as yoga, and outdoor games and meet new people at the community club. Besides providing an enjoyable lifestyle, these properties offer 24x7 ambulance service, hospital connectivity and dedicated in-house staff for everyday care and peace of mind.
If you are approaching or past retirement age, ask yourself whether you need round-the-clock care. Senior citizens are well cared for in a retirement community and their safety is assured as well.
The value of your ideal retirement home is determined by a lot of factors, such as amenities, location, and additional services. Before deciding on a retirement home, you must do some research about the financial aspects as well. You must look at homeowner association fees and dues, the cost of providing extra services by the real estate provider, the rate of increase for these fees, and more.
Elderly people like to relax and enjoy their peace. In such cases, you can opt for a home situated far from the urban bustle or an apartment complex that can provide heightened privacy.
Seniors usually prefer living on the lower floors, whereas buildings with senior-friendly elevators are also preferred. That apart, having 24x7 security with well-equipped surveillance provides an additional security layer of safety and comfort. It’s also advisable to look for senior communities with dedicated ambulance services and tie-ups with nearby hospitals.
When you retire, you will probably spend most of your time at home. Consider buying an apartment that has gardens and parks nearby, so you can take walks and socialise.
Make sure your senior home has proper safety features, such as grab rails in bathrooms and halls. This will usually be easier to do when you're looking at a newly built apartment rather than an older building.
When you're considering a retirement community, it's a good idea to look for one with a good public transportation system. A bus stop or cab stand should be within walking distance of the property.
If you’re planning early, you don’t need to worry about possession periods. However, if you have already retired, you should buy a property with an immediate handover date.
Think about retirement before you retire. By doing that, you get more time to consider your options and may be able to arrange loans that are easier to get while you are still working. Also, if you’re saving for retirement, be aware of any increased costs and changing market trends that could affect your investment.
To help seniors, the government often provides housing benefits. These benefits can save you a lot of money, and help you choose an ideal retirement home.
Every home loan provider has a standard list of documentation needed to process a home loan application. The following documents are required by most home loan providers:
Besides these, there are also a few other documents you need to provide depending on whether you are a salaried or a self-employed professional.>p
Salaried professionals need to provide their payslips for the last three months along with their Form 16 or Income Tax Returns (ITR) filing. For self-employed individuals, the following documents are required. Proof of education qualification certificate, proof of business existence, Income Tax Returns for the previous years and audited balance sheet and profit-loss account.
When you buy a home on a loan, multiple tax benefits help you save money on tax—and the benefits can help you manage your cash flow well.
The following are deductions of tax authorities for individuals who have taken a housing loan from specified financial institutions:
According to Section 24 of the Income Tax Act, interest paid on borrowed capital is deductible if it was used for the acquisition, construction, repair, renewal, or reconstruction of the property. The deduction amount is limited to Rs 2 lakhs. If you live in a rented property, there is no limit on the amount of deductible interest.
Under Section 80C of the Income Tax Act, you can get a maximum deduction of Rs.1,50,000 from your income on repayment of principal during a financial year. Stamp duty or other such expenses paid to transfer a house property to the assesses are also considered under this amount.
Plan your golden years and choose a retirement home with the amenities you want now and in the future